we are talking to china, the meeting is still on. it helps reduce landfill waste. that hasn t changed, we will see that s why bp is partnering with a california company: fulcrum bioenergy. to turn garbage into jet fuel. because we can t let any good ideas go to waste. what happens. but we can t allow china to rip us off anymore as a country. we can t allow china to take at bp, we see possibilities everywhere. $500 billion a year out of our to help the world keep advancing. country. blake: new round of tariffs now in effect as president trump ramps up the trade war with china slapping a 15% tax on roughly $112 billion worth of chinese imports. kevin corke life at the white house with the very lates latest. always good to be with you, a lot of people saying this will impact consumers but there s a few ways you can look at that. if you could say if you buy goods made in china and import those goods, you re probably going to end up paying more but the other view from the white house
should just delete any message asking you to help smuggle diamonds. this is cnn breaking news. [ bell ringing ] welcome to the lead. i m erica hill in for jake. breaking news in the money lead. you just heard the closing bell there on wall street, and you can see wall street nose diving. president trump dramatically escalating his fight with china, and his own federal reserve chair. the dow plunging more than 600 points ahead of the president s critical trip to the g7 summit this weekend. cnn s alison kosik is at the new york stock exchange. china slapping tariffs on $75 billion in u.s. products today. is that what spooked wall street to this point? you know what, erica, i think that s part of it but i think the bigger part impacting the market was president trump s tweet tirade that he would be responding to china s tariffs this afternoon.
they are trying a assure the u.s. people and u.s. government, including president trump, that the fed is there and it stands ready and remains vigilant. the markets should be paying more attention over the course of the next 15 or 20 minutes or so. dom, it s the reason why we will take a look at the big board throughout the show. the markets are watching. kristin, i bet dollars to doughnuts so the president or the a least top aides. china is now slapping back on the u.s. the president s top advisers are talking about it. absolutely. they have their eyes on all of this, hallie. china slapping tariffs on $75 billion worth of u.s. goods. retaliation for the tariffs imposed on china. so far they are trying to down play chippers about the economy and the new round of sanctions. take a listen to what peter navarro had to say. the risk for china is simply
persian gulf is in our interests. neil: thanks, general. we ll see what happens. now to the other crisis. that is on hong kong. china slapping down punishments including extra disorders that could affect everyone there and foreigners visiting there. nothing on the scale of violence that we saw in recent dates when thousands of demonstrators clashed with hong kong police. another rally planned for the weekend. charles mcdermott joins us by phone. he s with the south china morning post. charles, how are things looking there right now? hi, neil. it s a city on edge. i don t know how else to put it. this is a city that is openly preparing for more. you have protests promised for this weekend. we ve all been through a week of a lot of turmoil.
chang explained south korea may derail the us efforts. you have two korean leaders on the same page. they want unification of the korean nation and the south korean president moon wants to shovel money to kim jong un. that undercuts our efforts to dismantle north korea s nuclear weapons program. this as the us accuses russia of skirting sanctions placed on the rogue regime. us ambassador to the un nikki haley calling out the security council. rob: fears of the trade war looming as donald trump turns up the heat on china slapping tariffs on an additional $200 billion worth of chinese products, 10% next monday rising to 25% come january affecting things like handbags, baseball gloves and chandeliers. i don t know many people in the market for chandeliers and baseball gloves. beijing friend to retaliate, donald trump is preparing to impose tariffs on an additional